ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Surplus
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Deficit
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Either A or B
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None of the above
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Detailed explanation-1: -The actual rent you pay for housing minus 10% of the basic pay. 50% of basic salary if you live in a metro city or 40% of basic salary if you live in a non-metro city.
Detailed explanation-2: -Take Home Salary = Gross Salary-Income Tax-Employee’s PF Contribution(PF)-Prof. Tax. Gross Salary = Cost to Company (CTC)-Employer’s PF Contribution (EPF)-Gratuity. Gratuity = (Basic salary + Dearness allowance) × 15/26 × No. of Years of Service.
Detailed explanation-3: -Excess of rent paid annually over 10% of annual salary is Rs. (12, 000 x 12) – 10% of salary [(Rs. 50, 000 x 12)]= Rs. 84, 000.
Detailed explanation-4: -Actual HRA received from the employer. For those living in metro cities: 50% of (Basic salary + Dearness allowance) For those living in non-metro cities: 40% of (Basic salary + Dearness allowance) Actual rent paid minus 10% of (Basic salary + Dearness allowance)